US firms to invest in Nigerian energy sector

Monday, 06 October 2014 07:30

The four US-based companies to make investments in the power sector of Nigeria are Global Business Resources, FlatBush Solar, Global Resources Network, and Charbourne & Parke. (Image source: SandtoGlass/Flicker)A group of four US-based companies will make investments worth US$212mn in Nigeria's power sector as part of President Barack Obama’s Power Africa initiative

A source close to the deal said that the investment made by the four companies will contribute up to 100MW of energy capacity to the country's power grid by late 2015. The four US-based companies are Global Business Resources, FlatBush Solar, Global Resources Network and Charbourne & Parke.

The decision to make the investments was taken during a meeting between James Nicholas, executive-partner of Global Business Resources and Saratov Umar, executive secretary of the Nigerian Investment Promotion Commission (NIPC), added the source.

James Nicholas said, “NIPC is central to the success of the proposed investments because of its government-given mandate of encouraging, promoting, coordinating and monitoring all investments in the economy.”

Nicholas added that the group of four companies have the drive to facilitate multiple rural electrification projects across the country.